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South Korean steelmaker Posco said on Monday it would invest $4 billion in a new lithium mining project in Argentina as it seeks to capitalize on soaring demand
for the key rechargeable battery metal.
The funds will be invested in a salt flats project
called Salar de Hombre Muerto, located on the border between northern Salta and Catamaka provinces.
POSCO expects to initially produce 25,000 tonnes of lithium hydroxide per year there, a lithium product that is particularly in high demand for battery manufacturers, and once completed, the capacity will reach 100,000 tonnes
.
According to a statement from the Office of the President of Argentina, the export value of the project is expected to reach $260 million
per year for the next 30 years.
A POSCO spokesman also confirmed the figures
in a statement to Reuters.
Argentina is part of the so-called "lithium triangle," which also includes neighboring Bolivia and Chile, which have the world's largest lithium reserves
.
POSCO initially expected to invest $830 million in the joint venture, but changes to the original project led it to increase the amount of investment
, according to the mining division.
South Korean steelmaker Posco said on Monday it would invest $4 billion in a new lithium mining project in Argentina as it seeks to capitalize on soaring demand
for the key rechargeable battery metal.
The funds will be invested in a salt flats project
called Salar de Hombre Muerto, located on the border between northern Salta and Catamaka provinces.
POSCO expects to initially produce 25,000 tonnes of lithium hydroxide per year there, a lithium product that is particularly in high demand for battery manufacturers, and once completed, the capacity will reach 100,000 tonnes
.
According to a statement from the Office of the President of Argentina, the export value of the project is expected to reach $260 million
per year for the next 30 years.
A POSCO spokesman also confirmed the figures
in a statement to Reuters.
Argentina is part of the so-called "lithium triangle," which also includes neighboring Bolivia and Chile, which have the world's largest lithium reserves
.
POSCO initially expected to invest $830 million in the joint venture, but changes to the original project led it to increase the amount of investment
, according to the mining division.
